Beaufort County is proud to announce it has once again maintained top ratings from two of the most respected ratings agencies on Wall Street: Moody's and Standard & Poor's, also known as S&P.

Moody's and Standard & Poor's (S&P) are both credit rating agencies that assess the creditworthiness of issuers (companies, governments, etc.) by assigning them a credit rating. S&P ratings are primarily focused on the likelihood or probability of default. Moody's ratings, on the other hand, are based on expected losses, considering both the likelihood of default and the potential financial losses in case of default. 

“I want to congratulate and thank our hard-working County Finance team,” said County Council Chair Alice Howard. “Led by CFO Pinky Harriott, their expertise and professionalism ensure that the County meets all its financial obligations and achieves our budget goals. It’s a delicate balance of funding programs and services while being sensitive to our taxpayers. Thanks to our Finance team, Beaufort County’s financial stability and consistently excellent Wall Street rating is something we can be proud of.”

Moody's specifically cites Beaufort County's diverse and growing economy with average income and high wealth. Also mentioned is the County's quickly expanding affluent tax base, available reserves of more than 35% of revenue, supported by balanced operations and prudent financial management. 

The S&P summary report echoes Moody's in their positive evaluation of the County's fiscal standing. According to their rating, Beaufort County achieved AA+ Long Term Rating, and affirmed (maintained) both AA+ ratings for General Obligation (GO) bonds. 

"I'm extremely proud of the County Finance team's hard work in helping the County maintain its strong credit rating, while continuing to increase the County's fiscal transparency," said County Chief Financial Officer Pinky Harriott. "Because of our good credit rating and strong financial footing, our financials can support an emergency bond issuance if the need ever arises. Beaufort County taxpayers should be pleased knowing the County's finances are in such a solid and positive position."

Citing a stable outlook, S&P specifically notes the GO bonds are secured by the County's full faith and credit, including its unlimited pledge of ad valorem property taxes, Proceeds of which will finance various County, hospital and technical college projects. Continuing in their evaluation they state: The county's rating is supported by its robust economy, which includes a robust tourism sector as well as a military presence, conservative budgeting, high reserves, and manageable debt. S&P believes the prudent budget management and relatively stable general fund revenue, primarily based on property taxes, have contributed to solid financial performance in recent years and they don't anticipate changing the rating any time soon.

For more information and look at the 2025 proposed budget, financial reports and budget information, click here.

For more information about Moody's Rating Service, click here.

For more information about Standard & Poor's (S&P) Global Rating Service, click here.